Putting Our Technical Expertise to Work for You

Putting Our Technical Expertise to Work for You
Presented by Sharon Duncan, providing Financial Planning Services in Houston

Sharon Duncan and Derrick Callis completed an in-depth retirement training workshop from America’s IRA Experts with Ed Slott and Company at the end of 2016, just as about 2.8 million Americans turned 70.

The workshop was held in Coronado, California where members of Ed Slott’s Elite and Master Elite IRA Advisor Groups℠ convened to discuss the latest retirement account planning strategies, new tax laws, and guidelines for the recent Department of Labor (DOL) fiduciary rules.

“Americans who turned 70 in 2016 are the first wave of baby boomers leading the way in tackling a new retirement challenge – required minimum distribution," says Ed Slott, CPA, founder of Ed Slott and Company and a nationally recognized IRA expert. "These mandatory distributions start once a taxpayer turns 70½, but many factors should be considered when timing your first withdrawal, including your income level, taxes and even your birthday.”

The workshop was intensive, digging into a wide variety of retirement topics including, IRA withdrawal strategies; the latest DOL rulings; tax planning for investment income; charitable IRA rollovers; and actual court decisions regarding retirement account beneficiaries.

Attending the Slott workshop and gaining insight into the latest retirement requirements helps ensure our financial planning services in Houston are up-to-date and accurate which is crucial for our clients' retirement success .

According to the Washington Post, 10,000 baby boomers per day are taking center stage on the retirement front and Selah Financial is prepared!

Year-End Financial Planning in Houston

Tips to prepare for 2016, presented by John Westerman

With the end of 2015 quickly approaching, it’s a great time to begin organizing your finances for the New Year. “There are a few easy but important financial-planning items you can take care of as a 2016 gift to yourself and your family,” says John Westerman, a Houston-based financial planner.

Flexible spending accounts

It used to be if you hadn’t used up all the money in your flexible spending account by year-end, you would lose it, but the IRS recently modified this rule to allow a carry-over of up to $500 into the next year. However, it is up to your employer as to whether or not to participate in this option. “If your employer still holds to the “use-it-or-lose it” policy, now is the time to get your kids’ physicals or to stock up on medications that qualify for flexible spending,” says John.

Medicare enrollment

Open enrollment for Medicare started in October and ends December 7, 2015. For many, this is the only chance to change health and prescription drug coverage for 2016. If you want to make any changes, you should act now.

Reporting losses on stock sales

No matter if you hold a long or short trading position, if you invest in stocks you should always be aware of important deadlines regarding trading date closings.

Retirement planning

Even if your retirement is not just around the corner, scheduling time with your financial planner before the end of the year to go over employee matching contributions, potential tax benefits and your retirement goals, will help you start the New Year off on the right foot.

Taking stock of savings

How did you do this year on your savings goals? There’s no reason why you can’t make some financial resolutions along with your other New Year’s vows. “If you determine you’re off track, our financial advisors are here to help you develop and monitor a financial plan for 2016,” adds John.

Estate planning

So that your estate plan stays in tune with your goals and needs, you should review and update it on an ongoing basis. If you haven’t done so during 2015, take time before the end of the year to:

• ·         Update beneficiary designations
• ·         Account for any life changes
• ·         Review trustee and agent appointments 
• ·         Review provisions of powers of attorney and health care directives
• ·         Get a firm understanding of all of your documents
• ·         Prepare for the distribution of personal effects
• ·         Check trust funding

“This list of key financial planning topics is certainly not exhaustive but can help you better prepare for the coming year and help make 2016 happy, healthy, and prosperous,” says John.

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John Westerman, CFP^® is a financial advisor with Selah Financial Services, located at 1550 W. Bay Area Blvd., Ste. 101, Friendswood, TX 77546 and One Sugar Creek Center Blvd., Ste. 150, Sugar Land, TX 77478. He offers securities and advisory services as a Registered Investment Advisor of Commonwealth Financial Network^®, Member FINRA/SIPC. He can be reached at 281.990.7100 or at advisors@selahfs.com.